The Toronto stock market was modestly higher Tuesday, despite uncertainty about what the U.S. Federal Reserve may do about its asset purchase program and positive Chinese economic data.
The S&P/TSX composite index gained 43.55 points to greet noon at 13,356.33
The Canadian dollar inched up 0.04 cents to 94.14 cents U.S.
The TSX gold sector ran ahead as Barrick Gold improved by 90 cents to $17.91
Tech stocks were generally higher with CGI Group up 93 cents to $36.90.
But BlackBerry stock was at its lowest level in more than a decade, down 20 cents to $5.91.
The base metals sector fell while March copper was up two cents to $3.28 U.S. a pound.
In other corporate news, Chorus Aviation, which flies most of Air Canada's regional flights in North America, increased its dividend by 50% in the wake of its arbitration win against Air Canada.
The company will pay a quarterly dividend of 11.25 cents per share. Chorus had cut its quarterly payment to shareholders in half to 7.5 cents per share in May amid uncertainty about the arbitration process. Chorus shares jumped 25 cents or 6.7% to $3.98.
On the world economic front, China's factory production rose 10% in November from a year earlier, slightly lower than analysts' forecasts. But retail sales rose 13.7% which was stronger-than-expected.
ON BAYSTREET
The TSX Venture Exchange regained 4.34 points to 906.41
The 14 TSX subgroups were evenly divided between gainers and losers. Gold led the gainers, picking up 4.9%, while materials charged ahead 2.5% and information technology picked up 0.9%.
The seven laggards were weighed by global base metals, down 0.6%, while metals and mining stocks slumped 0.4% and financials eased 0.3%.
ON WALLSTREET
Stocks fell Tuesday morning as investors hit the pause button a day after the S&P 500 closed at yet another record high.
The Dow Jones Industrials subtracted 37.09 points to 15,988.44
The S&P 500 index dropped 4.98 points to 1,803.39. The NASDAQ retreated 6.94 points to 4,061.81
This year has been a strong one for stocks, with all three indexes up more than 20% so far. But investors are wary to make big bets ahead of the Federal Reserve's policy meeting next week, when it will decide whether to continue pumping money into the economy at its current rate of $85 billion U.S. a month.
General Motors announced a new CEO. The company named product development chief Mary Barra as next chief, succeeding Dan Akerson, who is stepping down. The U.S. government revealed Monday that it had sold the last of its stake in the automaker.
Lululemon shares gained ground after the yoga retailer announced thatLaurent Potdevin will become CEO of the company in January, replacing outgoing CEO Christine Day.
Potdevin had been the president of shoe company TOMS. Lululemon also said founder Chip Wilson will step down as chairman in the spring.
Lululemon struggled through several very public product recalls this year.
Twitter shares hit an all-time high above $52 U.S. per share. The stock has now more than doubled from its IPO price.
Bank stocks were in focus as regulators are set to vote on the Volcker Rule -- a key piece of the 2010 Dodd-Frank financial reform law. Shares of Goldman Sachs and Morgan Stanley rose nearly 2% in early trading while JPMorgan Chase and Bank of America were flat.
On the earnings front, Toll Brothers shares rose after the homebuilder topped profit and revenue estimates.
Gun maker Smith & Wesson is scheduled to release quarterly results after the closing bell. The company, as well as rival gun maker Sturm, Ruger, have surged this year as calls for stricter gun control laws of have started to wane in the year since the tragic shooting at Sandy Hook Elementary school in Newtown, Conn.
Prices for 10-year U.S. Treasuries surged, lowering yields to 2.81% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices gained 69 cents to $98.03 U.S. a barrel.
Gold prices improved $27.50 to $1,261.70 U.S. an ounce.
